Net income fell 2.1 per cent in the firm's leased and tenanted division, including its Core and Mercury brands, but it was flat after adjusting for the impact of the temporary slowdown in letting activity, which was previously flagged, Punch said.

The group doubled the size of its retail pub division since the August 2016 year end, with 171pubs open and trading as of April 2017.

What Punch Taverns said

Chief executive Duncan Garrood said:

During the period, we have doubled the size of our retail estate and continue to innovate our operating agreements. This has been achieved whilst managing through a period of significant change, ahead of the sale of the group which is now expected to complete before the end of August 2017.